New Delhi, Oct 18 (IANS) Fintech company Lendingkart on Friday announced that Fullerton Financial Holdings (FFH), an existing investor through its affiliate, is acquiring a controlling stake in the company.
FFH, a wholly-owned independent portfolio company of Singapore-headquartered investment company, Temasek, has committed up to a further Rs 252 crore, marking a pivotal moment in the Indian fintech’s journey.
“As a result of the investment, FFH will become a majority controlling shareholder in Lendingkart,” said the fintech company, adding that this is subject to regulatory approval.
It is, however, unclear how much stake Fullerton will hold in Lendingkart after the acquisition.
FFH owned about 38.16 per cent of Lendingkart Technologies Private Limited (LTPL) as of March 2024.
Hong Ping Yeo, CEO of FFH, said the investments in Lendingkart are a testament to “our continued belief in the MSME opportunity in India and that well governed, scalable franchises can bring significant value to small businesses.”
Ahmedabad-based fintech Lendingkart said the capital infusion will enable it to deepen its reach in underserved markets and enhance its technology, taking a giant leap towards fulfilling its mission of fostering financial inclusion for small businesses in India.
“This investment represents a vote of confidence in Lendingkart’s ability to transform the MSME lending landscape. Our goal is to replicate FFH’s past successes in the Indian financial market,” said Harshvardhan Lunia, Founder and Managing Director of Lendingkart.
The group is financed by reputed international investors like Fullerton Financial Holding (FFH), Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient, and others and has raised around Rs 1,050 Crores of equity till date.
The group recently raised Rs 200 crore in debt funding from EvolutionX Debt Capital.
-IANS
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